Insurance Considerations For College Students

It’s almost time to move your child into college and let them “fly from the nest.”  You may feel that your urge to protect them is growing stronger, but is becoming less of a need. However,  even though your child is moving out of your home and into a college dorm or an off-campus apartment, they still need your help — especially with setting up insurance policies to keep themselves protected. Keep reading for our recommendations on what you and your college student should consider for insurance over the next four years.

Pre-College Precautions

With all of the shopping, packing, and prepping for classes — moving into college can be an overwhelming process for the whole family. To help ease the stress, here are a few recommendations to get ready.

• Create a “dorm inventory” list before you pack your car so you can have a list of all of the belongings your child is bringing to school. Having an up-to-date inventory will help get insurance claims settled faster in the event of theft, fire or other types of disasters.
• Leave unnecessary valuables at home. We get it, things like a laptop and sporting equipment are important to have while at school, but a sentimental necklace from their grandmother might not be something you want to add to their packing list.
  

Homeowners Insurance Coverage

You may not know this but your homeowners insurance policy could cover your child when they are away at college. Some insurance providers make it a point to help you protect your student financially when they are enrolled full-time in a college or university. 

• When your policy covers your child: 

• If your home insurance policy covers your child, their possessions are likely protected by "off premise" coverage. However, some homeowners policies may limit this amount of insurance, so make sure you understand your own policy.

• When your policy doesn’t cover your child.

• If your child is living off-campus, they are likely not covered by your homeowners policy. Talk with your insurance agent about the specifics of your coverage, but chances are your student will have to look into renters Insurance policy to keep themselves protected.
• Prices vary by state, liability limits, and the personal possessions you want covered, but a basic renters insurance policy should only cost around $20 a month.
• Find more information on Why You Need Renters Insurance in our blog on the topic.
  

Auto Insurance Coverage

Not all college students bring their cars to college, but for those who do it’s important to take these insurance policy pro tips into consideration.

• Your child may not be covered if they are not listed on your policy

• If a driver is not listed on your auto insurance policy, they may not be covered if they get into an accident while driving your car. Talk to your insurance agent about what your policy covers because an accident and damage could be a rather large financial inconvenience if not understood properly.
• Keep In Mind: The same thing goes if your child drives their friend’s car.

• Does your child need an auto insurance policy.

• If your child is living away without a car, you may consider removing them from your auto insurance policy. This can possibly decrease your annual rate, depending on your student’s age and driving record.

• Keep your child on your policy if they are using their or your car

• If your child is planning to bring and use their car while away for college, you may keep them on your auto Insurance policy. You may even qualify for discounts if your child is a Good Student — talk to your Doherty Insurance agent for more information.

Moving away from home and into college is a trying time for both the parents and the students involved. Let us help take some stress away from you and your family by providing your child with the right insurance policies. Give us a call today: 978-475-0260.